Tether and Fasanara Capital have launched StableFund, a private credit vehicle backed by $400 million from the two firms that aims to raise as much as $3 billion from outside institutional investors. The evergreen fund will use Tether's USDT to move money to fintech lenders in more than 60 countries, extending Tether's push beyond stablecoin issuance into private credit.
Tether is putting $400 million behind a new private credit fund with Fasanara Capital, backing an evergreen vehicle called StableFund that plans to use its USDT token to move money to lenders worldwide. The two firms aim to raise as much as $3 billion from outside institutional investors, according to an announcement Wednesday.
Fasanara to deploy capital across 60 countries
Fasanara, a London-based asset manager focused on private credit, will manage the fund and deploy the money into short-term, asset-backed loans through fintech platforms operating in more than 60 countries. The strategy targets financing for small and medium-sized businesses and consumers, including trade receivables and supply chain finance. Fasanara itself manages more than $6 billion and will channel the new capital through its network of fintech lenders.
Tether will source USDT-linked financing opportunities and provide the stablecoin infrastructure for moving funds across borders, including converting between traditional currencies and digital dollars. According to CoinDesk: "playing the role it is best positioned to play", Tether CEO Paolo Ardoino said of the fund.
Tether's growing bets beyond stablecoins
The fund extends a pattern of Tether deploying profit from its reserves into ventures beyond USDT. The company generated about $1.5 billion in net operating profit in the second quarter, largely from its US Treasury and repo holdings. It reported $187.8 billion in assets and a $4.11 billion reserve buffer at the end of June.
Tether has already deployed capital into a $20 million investment in Argentine neobank Ualá, investments in Mercado Bitcoin, and a stake in Italian football club Juventus. It also led a $50 million funding round for AI sleep technology company Eight Sleep. USDT, Tether's $145 billion token, accounts for more than half of the $300 billion stablecoin market and remains popular in emerging economies.
Sources: CoinDesk, Cointelegraph
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